XRP Rockets to a 2-Week High
Following the latest developments, XRP experienced an explosive surge, breaking through the $0.5 mark for the first time in weeks.
Ripple’s Ongoing Success
Ripple, and particularly its top executives, has achieved yet another significant victory in its ongoing battle with the Securities and Exchange Commission (SEC).
Garlinghouse and Larsen Clear SEC Hurdles
This time, the SEC’s claims against Ripple’s CEO, Brad Garlinghouse, and Executive Chairman, Chris Larsen, were unequivocally cleared.
The SEC’s Crypto Crusade
The SEC initiated its crackdown on crypto companies back in December 2020, with Ripple, a blockchain payment giant, being one of its initial targets.
A Prolonged Legal Battle
After more than two years of legal back-and-forth, a U.S. judge ruled earlier this year in favor of Ripple, determining that most XRP token sales did not qualify as unregistered security offerings.
Charges Against Executives
However, the SEC also pressed charges against Ripple’s top executives, Garlinghouse and Larsen, for their alleged involvement in orchestrating unregistered security sales.
A Stunning Capitulation
In a surprising turn of events, Ripple announced on Thursday that both executives had been “cleared of all claims brought against them by the U.S. Securities and Exchange Commission.” The regulator voted to dismiss the charges with prejudice, marking a remarkable government capitulation.
Brad Garlinghouse expressed his thoughts on the matter: “For nearly three years, Chris and I have been the subject of baseless allegations from a rogue regulator with a political agenda. Instead of looking for the criminals stealing customer funds on offshore exchanges that were courting political favor, the SEC went after the good guys – along with our entire company of innovators and entrepreneurs – who are building a regulated business based in the U.S. We look forward to the day this chapter is closed once and for all, now that the SEC has dropped the curtain on their absurd theatrics against Chris and me.”
XRP’s Immediate Response
In response to this news, XRP saw an immediate surge, propelling its value from under $0.5 to a multi-week peak of over $0.52 earlier today. Despite some slight retracement, XRP continues to trade 6% higher for the day, well above the $0.5 mark.